ANGELS
ET Explainer: What is angel tax and why has DPIIT sought its removal?
Angel tax refers to the income tax levied by the government on funding raised by unlisted companies, or startups, if their valuation exceeds the company's fair market value. Angel tax was first introduced in the 2012 Union Budget by then finance minister Pranab Mukherjee under the UPA-II regime to arrest the laundering of funds.
Chorus grows for angel tax repeal; policy push for EVs
Startup Inc’s calls to do away with angel tax have found support from the government. This and more in today’s ETtech Top 5.
Budget 2024: Will Budget remove the ‘killer’ angel for the sake of Indian startups?
Budget expectations for startups: Ahead of the Budget 2024, the DPIIT has proposed eliminating the Angel Tax for startups to boost capital formation. The department also aims to address the inverted duty structure and high tariffs on electronics inputs. The 'angel tax' issue has sparked political debates, with industry leaders and organizations urging its removal to facilitate startup investments. Startups will await Budget announcements with hopes for measures on angel tax.
Budget 2024: DPIIT seeks Angel tax, inverted duty removal in Budget
The Department for Promotion of Industry and Internal Trade (DPIIT) has proposed eliminating the Angel Tax for startups ahead of Budget 2024, said Secretary Rajesh Kumar Singh. Introduced in 2012 under Section 56(2)(viib) as an anti-abuse measure to prevent tax evasion, the tax is levied above 30%. DPIIT asserts this removal could enhance capital formation in India.
US Independence Day 2024: Best cities for celebrating 4th of July. Here is list of 10 cities. Know in detail
WalletHub has published the list of best cities for celebrating the 4th of July. The cities were judged based on the number of affordable restaurants, average beer and wine prices, accessibility to fireworks and lowest share of fatal crashes. Know which city has topped the list.
Broking stocks fall up to 10% after SEBI calls for uniform charges
SEBI instructed MIIs to ensure uniform charges benefiting end clients, with changes effective from October 1, 2024. The circular aims to rectify incorrect disclosures, especially regarding charges collected from end clients by MIIs. MIIs are directed to redesign charge structures and communicate with SEBI for compliance.
Share market update: Most active stocks of the day in terms of total traded value
The NSE Nifty index was trading 13.25 points down at 24128.7
Who is Orlando Cepeda? Remembering the baseball Hall of Famer as he passes away at 86
Orlando Cepeda was a household name in baseball in the 60s and 70s after he began his journey with the San Francisco Giants at just the age of 20. Cepeda passed away at the age of 86, leaving behind his on-ground antics and his name in the coveted Hall of Fame.
Matthew Perry death probe nearing end after nearly eight months
Recent reports suggest that the probe around actor Matthew Perry's mysterious death eight months back is now nearing a close. As per the investigation, multiple people may be charged around this mysterious case that saw the popular Friends actor pass away from 'ketamine effects'
Film and TV fraternity are swiftly ditching Los Angeles, here's why
Film and TV actors, crews and industrial workforce are rapidly moving away from Los Angeles due to various factors including dwindling work opportunities, and escalated housing costs in the region.
VC funds, angel investors seek safeguards in spousal partnerships
In many instances, founders often name their spouses as cofounders at the time of the inception of their venture. However, if the spouses choose to part ways after a few rounds of funding, at that time, dealing with that separation becomes messy for investors as they have to deal with disgruntled spouses who are also shareholders of companies.
T20 World Cup in the US: ICC falls short on preparations
The pitch at the Nassau County International Cricket stadium is anything but ideal. Random balls kick up awkwardly and the bounce is inconsistent. The ICC was forced to issue a defensive statement, saying they are taking cognizance of the situation and their “world-class grounds team” will do their best to redeem the situation. The issue is this very same world-class grounds team should have done it earlier and not put the India-Pakistan game in jeopardy. The pitch has reduced the game to a lottery.
Bopanna-Ebden pair exits in French Open semifinals
India's Rohan Bopanna and his Australian partner Matthew Ebden were defeated by Italian pair Simone Bolelli and Andrea Vavassori in the French Open semifinals. The second seeded duo lost 5-7, 6-2, 2-6 in the match.
India parts ways with IBA, joins World Boxing
The Boxing Federation of India (BFI) has left the suspended International Boxing Association (IBA) to join World Boxing, aiming to secure boxing's Olympic future. This move follows the threat from the International Olympic Committee to exclude boxing from the 2028 Los Angeles Olympics if federations remain aligned with the IBA.
Who will be Los Angeles Lakers head coach?
There are reports that JJ Redick may become the head coach of La lakers. Other names that have been doing the rounds are - Kenny Atkinson, David Adelman, Micah Nori, Chris Quinn, Tyronn Lue, Sam Cassell, and James Borrego, as per a report on Fox News.
A cricket World Cup is coming to NYC's suburbs, where sport thrives among immigrant communities
Eisenhower Park in New York hosts the T20 World Cup, showcasing cricket's rise in the U.S. with matches between top teams like Pakistan and India. The tournament concludes in Barbados, highlighting the sport's global appeal.
Grabbing a water bottle gets a marathon winner disqualified
Esteban Prado won the Orange County Marathon but was disqualified for receiving unauthorized water assistance. Rule enforcement by race officials ensured fairness. Similar incidents at other marathons highlight the importance of following regulations to maintain integrity in competitions.
T20 WC will spread awareness on cricket, LA Olympics more likely to attract local Americans
USA Cricket chairman Pisike foresees T20 WC boosting cricket in the USA, with Corey Anderson in the team. New York readies for India-Pakistan match. Seeking BCCI collaboration for player training post-event.
In a first, athletes to get around Rs 42 lakh for winning gold medal in Paris Olympics
World Athletics has announced a groundbreaking decision to award prize money to Olympic track and field athletes for the first time. Gold medalists at the Paris Olympics will receive $50,000 each, with payments for silver and bronze medalists starting from the 2028 Olympics in Los Angeles. This move marks a significant departure from the traditional amateur status of the Olympics and reflects a broader trend in sports towards recognizing athletes' contributions and achievements.
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